With the August 2nd deadline to raise the debt ceiling just eleven days away, efforts to avoid a potential U.S. default have entered a critical phase.

Many fear that failing to raise the debt ceiling would send shock waves through the underpinnings of the financial system, adding urgency to the negotiations between President Barack Obama and top lawmakers as they continue to try to strike a sweeping deficit-reduction deal.

Today on American Morning, Jay Powell, Treasury Under Secretary under President George H.W. Bush, tells Ali Velshi what he thinks will happen if a deal isn't reached within the next few days and explains what the consequences will be for the average American if the debt ceiling isn't raised.

soundoff(One Response)

D Darbro

What ALL of our politicians need to realize is They Work For Us and they need to look at it as a JOB. I am not allowed to go to work and not do my Job. The American People need to send them a Clear Message to all of our politicians.....Do Your Job...or Pack Your Crap and Get Out.......Your Fired!!!!! And by the way....You have to buy your own Health Insurance and file for unemployment. No free healthcare and no retirement benefits. Welcome to our World!

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